Pembridge Resources Agrees Amendment That Could Boost Revenue by $8.5 Million
09 November 2019 - 2:36AM
Dow Jones News
By Anthony O. Goriainoff
Pembridge Resources PLC (PERE.LN) said Friday that is has
entered into an amendment agreement between subsidiary Minto
Explorations Ltd. and Wheaton Precious Metals Corp. (WPM.T), which
could benefit Minto's revenue by up to $8.5 million.
The U.K. mining company said that it has agreed to an amendment
of the precious-metals streaming agreement, whereby the price
received by Minto from Wheaton for payable gold will increase to
75% of the market price during the modified price period.
Pembridge said that the modified gold price is effective
immediately and will end either 12 months plus 60 days from the
first delivery, or after the first 11,000 ounces of payable gold
have been delivered to Wheaton. At the end of the modified-price
period, payable gold will return to being priced as per the
existing agreement, the company said.
The company said the modified price period won't alter the price
of silver produced by Minto.
"The support from Wheaton should significantly assist Minto's
cash flow as the Minto mine ramps up production," Chief Executive
Officer Gati Al-Jebouri said.
Shares at 1430 GMT were unchanged at 12.75 pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
November 08, 2019 10:21 ET (15:21 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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